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NZ Government Shifts Focus From Wellbeing To Covid Recovery

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The Labour government’s 2019 “wellbeing budget” received much acclaim around the world. It sought to change how government spending was considered. Rather than focus on facts and figures like GDP, it opted to measure its success in terms of social outcomes like safety, human health and flourishing. A living standards…

Global Watchdog Terms NZ Tackling Of Money Laundering Impressive

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The Financial Action Task Force (FATF) has praised the New Zealand police force for its ability to prevent and investigate money laundering. They are considered amongst the best in the world at seizing criminal profits. Since the passing of the Criminal Proceeds (Recovery) Act in 2009, over $1 billion in…

NZ Government Mulls An End To Fuel Tax

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New Zealand has taken an aggressive approach to climate change with policies in place to help it achieve carbon neutrality by 2050. It has even taken steps to have financial firms report on the environmental effects of their investments. This set to impact 200 of the country’s largest businesses and…

Financial Sector Hit By New Climate Change Reporting Law

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New Zealand’s financial firms may soon be required to make disclosures on how climate change is impacting their investments and how they are managing climate-related risks and opportunities. This follows the introduction of new legislation that would require institutions like banks, insurance and investment firms to report on their climate…

Hope Dims for Simon Bridges’ Tax Bracket Bill

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The proposed Income Tax (Adjustment of Taxable Income Ranges) Amendment bill seems likely to fail following reports that the Labour Party would not support it. Deputy Prime Minister, Grant Robertson, stated that it was not on the agenda. With Labour already the majority in parliament, a lack of support here…

Auditors Warn Councils On Boosted Spending On Water Infrastructure

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Wellington area councils are being warned against big spending on water infrastructure investments by Audit NZ. Due to severe deterioration in the pipes serving much of the area, many authorities are looking to enhance their investment. Audit NZ has however raised concerns that the local contracting sector is not capable…

Westpac NZ Considers Exit As RBNZ Banking Regulations Tighten

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The news that Westpac is considering a demerger has come as a surprise to many. Westpac NZ is the third biggest bank in the country and has proven a highly profitable arm for the parent group. Besides being the NZ government’s banker, it caters to a customer base of 1.3…

The IMF Warns New Zealand over High House Prices

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New Zealand’s relative success in handling the pandemic has been looked upon with envious eyes by many other nations. Their quick and effective reaction to the threat has helped to significantly minimise the effect on their economy and their recovery is also happening at a faster pace than most other…

Tax statistics raise questions of fairness and equality

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New data from Inland Revenue (IRD) and Treasury shows that the richest segment of the population – known as high wealth individuals (HWIs) – pay an average of 12% of their income in tax. By comparison, those earning median incomes between $55,000 to $60,000 pay an effective tax rate of…